All Forum Posts by: Richard Cornacchia

I agree with @Jake S..  Cozy is a good software and it is free.  The ACH payment process is a little slow.  It takes about a week after the tenant submits the payment before it is deposited into your account.  You can pay a small fee to process the payment faster if needed.  I believe there is a percentage fee for the tenant if they use a debit or credit card.  

Hello @Matthew Gullo. It was great to meet everyone at the last meet up and I will be attending this one as well.  The insights and mindset shared at the previous event will be critical to a successful 2019.  I am positive @Austin Shaw's presentation will further the attendees future success.  

Yes, we are planning on pooling funds together. The other aspect is each have skills that are different from each other...where one is a little weaker, another is strong. It should make for a good team. The loan limit was one of the reasons I was wondering if an LLC would be a better fit. As you start developing a credit history with the LLC, shouldn’t you be able to exceed the loan limit?

We are probably going to hire a property manager.  The person living in Memphis will be the local contact and deal with the property manager.  The others would handle more of the documentation/accounting/tax side of the business.  Do you see any issues with this setup?

Two other people and myself are looking to buy our first rental property together and are trying to determine the best structure to set up the agreement (such as an LLC). We are looking to purchase in the Memphis area. One person lives in Illinois, one in Tennessee, and the other in Texas. We plan on continuing to buy more properties together in the future. Are there any recommendation that would be the most advantageous structure for our partnership? Also, are there any recommendations for real estate attorneys in Memphis that specialize in our situation? Thank you in advance for the guidance.